Susan S. Shockey, Ph.D., CFCS, CPFFE USDA, National Institute of Food and Agriculture

George Barany, Consumer Federation of America

Andrea Pellegrini, University of Illinois, USFSCO, Student Money Management Center

Kathy Sweedler, University of Illinois Extension

Andrea Pellegrini

Visiting Assistant Director, Student

Money Management Center,

University Student Financial

Services and Cashier Operations,

University of Illinois

Kathy Sweedler

Consumer Economics Educator,

University of Illinois Extension

George Barany

Director or Financial Education,

Consumer Federation of America

Susan Shockey

Susan S. Shockey, Ph.D., CFCS, CPFFE

USDA, National Institute of Food and

Agriculture

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College students and savings

America Saves and America Saves

Week

A successful pilot model for reaching

college students and staff

How you can replicate the University

of Illinois model

Questions and answers

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What type of organization are you affiliated with?

a. Higher education

b. Military

c. Government

d. Non-profit

e. For-profit

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To what degree have you been involved in an

America Saves campaign?

a. None

b. Participant

c. Partner

d. Campaign Coordinator

e. Other _________

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Students now foot an expanding share of the college tuition bill, while parents scale back.

Difficult job market

Increasing student loan loads

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Source: Sallie Mae, 2012, https://www1.salliemae.com/about/news_info/research/how_america_pays_2012/

84% of undergraduates admitted the need for more

financial management education. Of these, 64% would

have preferred some type of financial literacy education in

high school and 40% as college freshman.

(Source: Sallie Mae, "How Undergraduate Students Use Credit

Cards: Sallie Mae's National Study of Usage Rates and Trends

2009") 11

68% of low income households do not have a saving or money market account

52% of moderate income households do not have a saving or money market account

42% of middle income households do not have a saving or money market account

In a CFA/Financial Services Roundtable 2009 Study:

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The average employee spends 28 hours each month

worried about, calculating, or stressed over finances,

costing employers $5,000 a year in lost productivity. The Federal Reserve, 2010

8 out of 10 people identify money as a significant

source of stress. American Psychological Association, 2009

Personal finance is the number one personal issue

causing stress in the workplace. ComPsych printed in USA Today, 2010

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Think like a Saver

o – what do I need and where can I get it for the lowest price

Shop like a Saver

o Buy what is on sale, wait until it goes on sale, use coupons, pay in

cash not credit

Act like a Saver

o Save a minimum amount every month even if it is only $25

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an opportunity to respond to the need for savings

An opportunity for Americans to assess their financial

condition and goals

A dedicated time for financial action

A time for organizations and institutions to emphasize

Automatic Saving and make it easy to start

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A national initiative with thousands of local partners including:

Organizations encourage and assist Americans, especially lower-income households, to start saving and build wealth

Over 300,000 Savers and growing

Annual reach of more than 30 million people

Collaborators/Partners

FDIC -- Federal Reserve Board

JumpStart -- Social Security Administration

OCC -- Department of Defense

Cooperative Extension -- ABA Educational Foundation

CUNA -- Many others

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America Saves Week 2012 saw the largest

organization participation since its inception

815 organizations signed up on AmericaSavesWeek.org

An estimated 2,000 organizations involved in America Save

Week activities across 48 states

Reached over 31,000,000 people.

America Saves Week 2012 Results

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1) Embed an annual time for

college students and staff to be

motivated to save

2) Create a replicable model

3) Motivate people to set a savings

goal.

4) Connect people to continuing

financial education

5) Encourage the development of

positive financial behaviors

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People Want to Save Money

o UI Saves provides an easy way to set goal and take step towards

saving

Competition between University Campuses

o University of Illinois at Chicago, at Urbana-Champaign, at Springfield

o Included students, staff and faculty

o Winner determined by percent of participants

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Prizes

o Weekly drawings for $15 gift cards from TCF Bank

o Prizes at end of competition for winning campus participants

• An iPad 2 from TCF Bank

• Three $500 Gift Cards from Chase

• $500 Gift Card from University of Illinois Employees Credit Union

• Two $250 Gift Cards from PNC Bank

• $100 Visa Gift Card from Busey Bank

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Competition began

February 19th (during

America Saves Week

Competition ended April

19th (during Money Smart

Week)

Nine weeks for the

competition

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www.universityillinoissaves.org

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To create a competition you need a natural competitor.

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Economic Awareness

Council

o Planning

o Sponsor of I Save Conference

Consumer Federation of

America

o Planning

o Website development

o America Saves

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Urbana-Champaign Human Resources

Wellness Center

Housing Division

Daily Illini Newspaper

Career Center

Campus Recreation

Financial Aid

Chicago Human Resources

College of Medicine-

Financial Aid

Undergraduate Student

Government

College of Business

Campus Programs

Project CHANCE

Graduate College

UIC Calendar

Athletics

Springfield Human Resources

Housing

Student Activities

The Journal

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UIUC Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Competition Close

Staff/Faculty 83 97 115 130 150 157 159 161 164

Student 8 44 65 84 93 110 114 164 195

Total 91 141 180 214 243 267 273 325 359

% Population 0.170% 0.264% 0.337% 0.400% 0.455% 0.500% 0.511% 0.608% 0.67%

UIC Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Competition Close

Staff/Faculty 39 53 63 64 69 71 71 71 74

Student 13 47 64 67 72 74 78 89 193

Total 52 100 127 131 141 145 149 160 267

% Population 0.130% 0.256% 0.325% 0.335% 0.361% 0.371% 0.381% 0.409% 0.68%

UIS Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Competition Close

Staff/Faculty 7 9 9 26 31 33 35 35 35

Student 1 1 1 36 44 48 49 50 50

Total 8 10 10 62 75 81 84 85 85

% Population 0.136% 0.169% 0.169% 1.033% 1.271% 1.372% 1.423% 1.440% 1.44%

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Facebook

Twitter

Posters

Newspaper Articles

E-list Announcements

Financial Fairs

In-Person Events

Posters

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Engagement!

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@FinWellnessUIE @ILStudentMoney

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Sent: Wednesday, April 11, 2012 1:13 PM Subject: Re: UI Saves wrap up brief

Thanks, Michele. I don't want Springfield to win either! So I'll do my best!

Doris

Subject: UI Saves wrap up brief

Hi Doris,

Here’s a brief announcing the wrap up of the UI Saves competition. I realize you’ve already promoted this, but if you have room, we’d really appreciate a last burst of promotion – Springfield’s ahead right now, and we just can’t have that!

Please let me know if you have any questions or want any changes made.

Thanks so much,

-Michele

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Credible sources helped promote competition

Competition provided immediacy to set goal

Competition motivated people to spread the

word

Images had most impact with social media

Human Resources was an important partner

for staff participation

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Change prize structure

Plan for images/photos to be used with

social media

Have email notes, news releases and

partners ready to go prior to kick-off

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Find a competitor

o How to calculate winner fairly

Create a planning and implementation team

Define structure of competition

o Targeted audience

o Length and dates of competition

o Main messages

Identify and approach partners

America Saves staff available for technical

assistance and support 44

Websites o America Saves, www.americasaves.org

o University of Illinois Saves, http://www.universityillinoissaves.org/

o Student Money Management Center, http://studentmoney.uillinois.edu/

o Financial Wellness for College Students, http://web.extension.illinois.edu/financialwellness/

Twitter o https://twitter.com/AmericaSaves

o https://twitter.com/ILStudentMoney

o https://twitter.com/finwellnessuie

Facebook o https://www.facebook.com/AmericaSaves

o https://www.facebook.com/FinancialWellnessUIE

o https://www.facebook.com/ILStudentMoney

YouTube o http://www.youtube.com/user/AmericaSaves11

o http://www.youtube.com/user/ILStudentMoney/

o http://www.youtube.com/user/financialwellness

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George Barany, Director of Financial Education Consumer Federation of America

gbarany@consumerfed.org

Kathy Sweedler, Consumer Economics Educator University of Illinois Extension

sweedler@illinois.edu

Andrea Pellegrini, Visiting Assistant Director Student Money Management Center USFSCO, University of Illinois

apelleg3@uillinois.edu

Download this presentation and a resource kit at

www.AmericaSaves.org

Susan S. Shockey, Ph.D., CFCS, CPFFE, National Program Leader - Family & Consumer Economics

USDA, National Institute of Food and Agriculture Division of Family and Consumer Sciences sshockey@nifa.usda.gov

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